Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Assessing Officer Can Demand Documents for Section 98 Tax Assessment; Refunds Must Be Returned Promptly if Due.</h1> The Assessing Officer may issue a notice to an assessee who has filed a return or received a notice under Section 98, requiring the production of accounts, documents, or evidence for assessment purposes. Based on the provided and gathered materials, the officer will assess the value of taxable banking transactions for the financial year and determine the payable or refundable banking cash transaction tax. Assessments must be completed within two years from the end of the relevant financial year. If a refund is due, the assessee must return the amount to the person from whom it was collected within the prescribed time.
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